Part D
Prescription Drug Plans
A Prescription Drug Plan, abbreviated PDP, is also known as Medicare Part D. Medicare Part D helps pay for your prescription drugs. A prescription drug plan is optional and available to anyone with Medicare Part A and/or Medicare Part B. To get Medicare drug coverage, you must join a Medicare-approved drug plan (stand-alone PDP) or a Medicare Advantage plan that includes drug coverage.
Prescription Drug Plan Enrollment
Prescription Drug Plan Enrollment Periods
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Initial Enrollment Period (IEP) - When you first become eligible for Medicare.​
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Annual Election Period (AEP) - October 15 - December 7. During this time, you can enroll, drop or change your PDP plan; the plan will go into effect Jan. 1st.​
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Special Enrollment Period (SEP) - You can enroll any time, when certain circumstances apply, like if you move or leave group coverage. Rules for each SEP are different.
Late Enrollment Penalty: If you decide not to enroll in a prescription plan when you're first eligible, and don't have other credible drug coverage, you'll likely pay a late enrollment penalty if you join a plan later. This penalty will be in force the remainder of the time you're in a Medicare drug plan. We highly recommend you enroll in a drug plan as soon as you're eligible, even if you don't take any prescriptions.
PLAN COSTS
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For a Prescription Drug Plan, you can expect to make these payments throughout the year:
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Monthly premium
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Plan deductible
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Drug copayments or coinsurance
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Costs in the coverage gap
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Costs if you receive Extra Help
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The late enrollment penalty, if applicable
DRUG COSTS
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The actual costs of your prescriptions vary greatly and depend on numerous factors, like:
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Whether or not your drug is on your plan's formulary
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The tier your drug is in
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Which drug benefit phase you're currently in
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The pharmacy you use
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If you receive Extra Help
MEDICARE DRUG PLAN COSTS
Finding the Best Prescription Drug Plan
Choosing the perfect drug plan depends on many factors. You have to take into consideration: ​
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It's important to make sure all your drugs are covered as much as possible. Luckily, Medicare has made this process a bit easier. Medicare has created something called the Medicare Plan Finder. This website takes into consideration all these factors and automatically generates a list of plans, sorting them by the lowest annual out-of-pocket costs to you.
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This is where having an agent can be a huge advantage! Using the government's Plan Finder, we can recommend the a prescription plan to fit your individual needs at the lowest cost to you!
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The prescriptions you're currently taking
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The dosage of each drug you're taking
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The frequency you take each drug
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If you take brand name or generic drugs
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The county you live in
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Your preferred pharmacy
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Whether or not you use mail order